Accounting for Inventory

Name: Accounting for Inventory
Availability: InStock

Keeping an accurate account of your inventory is essential for any business or organization to be successful.

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Learning Outcomes

Upon successful completion of this course, students will be able to:

Identify and analyze the accounting transactions of a merchandising company
Define and solve specific business situations involving various inventory methods
Discuss how a company uses LIFO or FIFO to calculate the cost of inventory
Describe how to use efficiency metrics to monitor inventory
Explain how a business reports inventory on the financial statements
Evaluate how the LIFO reserve is calculated and how to report it on the financial statements

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